PNM Resources, Inc. - PNM STOCK NEWS

Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, filed for a rate change with the New Mexico Public Regulation Commission (NMPRC), effective July 1, 2025. The request includes a $174.3 million increase in retail revenues, split between a $92.2 million non-fuel base rate hike and an $82.1 million increase in pass-through fuel costs. PNM proposes a phased implementation to ease customer impact. Total rate base recovery of $3.0 billion is sought, including investments in infrastructure, battery storage, and wildfire mitigation. The proposal awaits NMPRC approval.

The Public Utility Commission of Texas (PUCT) has granted Texas-New Mexico Power Company (TNMP), a subsidiary of PNM Resources (NYSE: PNM), approval to recover over $205 million in net distribution infrastructure investments. TNMP's Distribution Cost Recovery Factor (DCRF) application filed in April 2024 was approved, allowing for a $15.7 million annual rate increase effective July 28, 2024. Recent legislation will enable semi-annual filings, reducing regulatory delays. This approval supports TNMP's investment strategy for reliable growth. PNM Resources, an energy holding company, reported $1.9 billion in revenue in 2023 and serves over 800,000 customers in Texas and New Mexico.

PNM Resources (NYSE: PNM) has closed a private offering of $500 million in 5.75% junior subordinated convertible notes due 2054. The initial purchasers have a 13-day option to buy up to an additional $50 million for over-allotments. These unsecured convertible notes are junior to PNM's senior debt. Interest is set at 5.75% per annum, paid semi-annually, with deferral options for up to 20 semi-annual periods. The notes are convertible to shares of PNM stock at an initial rate of 22.4911 shares per $1,000 principal, equating to a conversion price of approximately $44.46 per share. The proceeds will be used to repay part of PNM's term loans.

PNM Resources (NYSE: PNM) has announced the pricing of $500 million in 5.75% junior subordinated convertible notes due 2054. The notes, which will be offered privately to qualified institutional buyers, are unsecured and will rank junior to existing and future senior debt. Interest will be paid semiannually, with deferral options available. The offering includes a 13-day option for purchasers to buy an additional $50 million. The notes can be redeemed under specific conditions starting June 6, 2029. These convertible notes have an initial conversion rate of 22.4911 shares per $1,000 principal and a conversion premium of approximately 17.5%.

PNM Resources aims to close this offering by June 10, 2024, and plans to use proceeds to repay part of its outstanding term loans. This offering is not registered under the Securities Act and is available exclusively to institutional investors under Rule 144A.

Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), has announced a regular quarterly dividend of $1.145 per share on its 4.58% series of cumulative preferred stock. The dividend is set to be paid on July 15, 2024, to shareholders on record as of June 28, 2024.

PNM Resources, an energy holding company based in Albuquerque, NM, reported consolidated operating revenues of $1.9 billion for 2023. The company provides electricity to over 800,000 homes and businesses in New Mexico and Texas through its regulated utilities, PNM and TNMP. PNM's energy generation capacity stands at 3.3 gigawatts, with an ambitious goal of achieving 100% emissions-free generation by 2040.

PNM Resources (NYSE: PNM) management will meet with analysts and investors at the RBC Capital Markets Global Energy, Power and Infrastructure Conference in New York City this week. During these meetings, the company will affirm its 2024 consolidated earnings guidance, projected at $2.65 to $2.75 per diluted share. In 2023, PNM Resources reported consolidated operating revenues of $1.9 billion. The company, through its regulated utilities PNM and TNMP, provides electricity to over 800,000 homes and businesses in New Mexico and Texas. PNM's power generation capacity stands at 3.3 gigawatts, and the company aims to achieve 100% emissions-free generation by 2040.

PNM Resources (NYSE: PNM) announced a private offering of $500 million in junior subordinated convertible notes due 2054 to qualified institutional buyers. The notes may potentially increase by an additional $50 million for over-allotments. These unsecured notes rank junior to existing senior debt and may defer interest payments for up to 20 semi-annual periods. Redemption is possible post-June 2029, under specific conditions, and holders can convert the notes into common stock or cash. Proceeds will be used to repay term loans, and the offering is not registered under the Securities Act.

The New Mexico Public Regulation Commission (NMPRC) has approved Public Service Company of New Mexico's (PNM) application for new energy resources, adding 410 megawatts of solar and battery storage capacity by summer 2026. This move aims to meet growing retail demand, with PNM's peak demand hitting record highs in the summers of 2022 and 2023.

PNM's approved resources include 100 megawatts of solar and 310 megawatts of battery storage. This integration will help PNM achieve 75% carbon-free resource capacity by 2026. PNM Resources reported consolidated operating revenues of $1.9 billion in 2023 and serves over 800,000 customers in New Mexico and Texas.

The initiative aligns with PNM's pledge to reach 100% carbon-free energy by 2040. Additional details and materials are available on the PNM Resources website.

PNM Resources reported first quarter 2024 results with GAAP earnings of $0.52 per diluted share and ongoing earnings of $0.41 per diluted share. The company affirmed its ongoing earnings guidance of $2.65 to $2.75 per diluted share for 2024. The quarterly results exceeded expectations, driven by progress on strategic goals. Segment reporting showed positive performance in PNM and TNMP. Factors affecting earnings included new retail rates, higher market prices, and new capital investments. GAAP earnings in Q1 2024 included gains from the sale of New Mexico Renewable Development.